TCRLA_Public/161118.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                     L A T I N   A M E R I C A

               Friday, November 18, 2016, Vol. 17, No. 229


                            Headlines



B R A Z I L

CYRELA BRAZIL: S&P Affirms 'BB' CCR, Outlook Remains Negative
JBS SA: Posts 74% Drop in 3rd Quarter Profit


C A Y M A N  I S L A N D S

BTG PACTUAL: Placed Under Voluntary Wind-Up
CATAMOUNT DIVERSIFIED: Creditors' Proofs of Debt Due Dec. 7
COMMODITIES FUND: Commences Liquidation Proceedings
GLOBAL LONG: Commences Liquidation Proceedings
GOLDMAN SACHS DIRECT: Commences Liquidation Proceedings

GOLDMAN SACHS EMPLOYEE: Commences Liquidation Proceedings
GOLDMAN SACHS FUND II: Commences Liquidation Proceedings
GOLDMAN SACHS QUANTITATIVE: Commences Liquidation Proceedings
GOLDMAN SACHS US EQUITY: Commences Liquidation Proceedings
GREEN CYPRESS: Commences Liquidation Proceedings

MILLENNIUM ADVISORS: Placed Under Voluntary Wind-Up
WASHINGTON LOAN: Creditors' Proofs of Debt Due Nov. 28


C H I L E

ANGLO AMERICAN: Halts Operations at Los Bronces Mine in Chile


D O M I N I C A N   R E P U B L I C

DOMINICAN REPUBLIC: Downpours Bring Calamity
DOMINICAN REPUBLIC: IMF Lists Highs and Lows of Economy


M E X I C O

BANORTE: Moody's Assigns Ba3 Rating on MXN750MM Loan
FINANCIERA FINCA: S&P Puts 'BB-/B' ICRs on CreditWatch Developing


P U E R T O    R I C O

LA SABANA: Hearing on Plan Outline Moved to Jan. 11
LIDA BAUCAGE PEREZ: Plan Confirmation Hearing on Dec. 14
SANDWICH D' LIGHT: Court Okays Disclosures, Confirms Ch. 11 Plan
VILLAS DEL MAR: Disclosures OK'd; Plan Hearing on Jan. 24


T R I N I D A D  &  T O B A G O

SERVOL LTD: Looks for Private Financing


                            - - - - -


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B R A Z I L
===========


CYRELA BRAZIL: S&P Affirms 'BB' CCR, Outlook Remains Negative
-------------------------------------------------------------
S&P Global Ratings affirmed its 'BB' global scale corporate credit
and 'brAA-' national scale corporate and issue-level ratings on
Cyrela Brazil Realty S.A. Empreendimentos e Participacoes.  The
outlook remains negative, reflecting that of the sovereign.

The ratings affirmation reflects S&P's expectation that Cyrela
will bolster its operating cash flow generation in 2017 after a
very weak performance in 2016, which stemmed from high sales
cancelations and slowdown in the mortgage transfer process.  The
former is a consequence of Brazil's sluggish economy, while the
latter is a response to the banking industry's worsening credit
conditions, prompting banks to increase scrutiny of homebuyers
before granting them mortgages.  The company will end 2016 with
weaker credit metrics than S&P previously forecasted, but it
expects them to improve in 2017, resulting from lower construction
costs to be incurred because the company completed several
projects in 2016 and will focus on inventory sales in 2017.

Cyrela's position as one of the largest Brazilian homebuilders,
its product diversity, and track record of launching strategy
should allow the company to maintain higher sales velocity than
most of its peers in the next few quarters.  Nevertheless, the
company's business concentration in the states of Sao Paulo and
Rio de Janeiro exposes it to economic cycles in these regions.
Moreover, Cyrela has a significant inventory of finished units, of
more than R$2 billion, compared with R$1 billion - R$1.6 billion
in the past years.  The high inventory of finished units increases
company's expenses and marketing efforts, reducing its margins.
Cyrela continues to focus on cost control initiatives in order to
mitigate these pressures.


JBS SA: Posts 74% Drop in 3rd Quarter Profit
--------------------------------------------
Reese Ewing at Reuters reports that JBS SA posted a 74 percent
drop in third-quarter profit compared with the same quarter a year
ago, due to reduced net sales and rising financial costs.

Net profit for the company fell to BRL887.1 million ($258 million)
in the three months ended in September, down from BRL3.44 billion
a year ago and BRL1.54 billion in the second quarter, JBS said in
a market filing, according to Reuters.

JBS SA said its third-quarter net revenue fell 4 percent to
BRL41.2 billion from a year ago, the report notes.  Most of the
downward drag on sales came from clients in Mercosur, the trade
block that includes Brazil, Argentina, Paraguay, Venezuela and
Uruguay, the report relays.

Adjusted earnings before interest, taxes, depreciation and
amortization, a metric of operational liquidity known as EBITDA,
fell 18 percent to BRL3.14 billion from a year ago, the report
relays.

Brazil's BNDES development bank is the second largest stake holder
in JBS with 20 percent equity, after the Batista family that runs
the company, the report relays.  The bank has veto power over
certain company decisions such as administrative restructuring,
the report notes.

As reported in the Troubled Company Reporter-Latin America on
Oct. 17, 2016, Fitch Ratings has affirmed JBS S.A.'s foreign and
local currency Issuer Default Ratings and senior unsecured notes
at 'BB+'.



==========================
C A Y M A N  I S L A N D S
==========================


BTG PACTUAL: Placed Under Voluntary Wind-Up
-------------------------------------------
The sole shareholder of BTG Pactual Equities Fund, SPC, on Sept.
29, 2016, resolved to voluntarily wind up the company's
operations.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          BTG Pactual Asset Management S.A. DTVM
          c/o Ben Gillooly
          Ogier
          89 Nexus Way, Camana Bay
          Grand Cayman KY1-9009
          Cayman Islands
          Telephone: +1 (345) 949 9876
          Facsimile: +1 (345) 949-9877


CATAMOUNT DIVERSIFIED: Creditors' Proofs of Debt Due Dec. 7
-----------------------------------------------------------
The creditors of Catamount Diversified Managers Fund III Ltd. are
required to file their proofs of debt by Dec. 7, 2016, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 28, 2016.

The company's liquidator is:

          Morna Chisholm
          Mourant Ozannes Cayman Liquidators Limited
          Reference: NDL
          Telephone: (+1) 345 949 4123
          Facsimile: (+1) 345 949 4647; or

          Mourant Ozannes Cayman Liquidators Limited
          c/o Peter Goulden
          Telephone: (+1) 345 949 4123
          Facsimile: (+1) 345 949 4647
          94 Solaris Avenue, Camana Bay
          P.O. Box 1348 Grand Cayman KY1-1108
          Cayman Islands


COMMODITIES FUND: Commences Liquidation Proceedings
---------------------------------------------------
The sole shareholder of Commodities Fund Offshore, Ltd., on Oct.
18, 2016, resolved to voluntarily liquidate the company's
business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


GLOBAL LONG: Commences Liquidation Proceedings
----------------------------------------------
The sole shareholder of Global Long Equity Partners Master Ltd, on
Oct. 25, 2016, resolved to voluntarily liquidate the company's
business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100

GOLDMAN SACHS DIRECT: Commences Liquidation Proceedings
-------------------------------------------------------
The sole shareholder of Goldman Sachs Direct Strategies Fund II
Offshore, Ltd., on Oct. 18, 2016, resolved to voluntarily
liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


GOLDMAN SACHS EMPLOYEE: Commences Liquidation Proceedings
---------------------------------------------------------
The sole shareholder of Goldman Sachs Direct Strategies Offshore
Employee Fund, Ltd., on Oct. 25, 2016, resolved to voluntarily
liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


GOLDMAN SACHS FUND II: Commences Liquidation Proceedings
--------------------------------------------------------
On Oct. 27, 2016, the sole shareholder of Goldman Sachs Direct
Strategies Fund II Offshore (L Holdings), Ltd. resolved to
voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


GOLDMAN SACHS QUANTITATIVE: Commences Liquidation Proceedings
-------------------------------------------------------------
The sole shareholder of Goldman Sachs Quantitative Currency Fund
Institutional, Ltd., on Oct. 18, 2016, resolved to voluntarily
liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1(345)949-0100



GOLDMAN SACHS US EQUITY: Commences Liquidation Proceedings
----------------------------------------------------------
The sole shareholder of Goldman Sachs U.S. Equity Absolute Return
Fund Offshore, Ltd., on Oct. 18, 2016, resolved to voluntarily
liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


GREEN CYPRESS: Commences Liquidation Proceedings
------------------------------------------------
The sole shareholder of Green Cypress Fund, Ltd., on Oct. 18,
2016, resolved to voluntarily liquidate the company's business.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Walkers Liquidations Limited
          Cayman Corporate Centre
          27 Hospital Road, George Town
          Grand Cayman KY1-9008
          Cayman Islands
          Telephone: +1 (345) 949 0100


MILLENNIUM ADVISORS: Placed Under Voluntary Wind-Up
---------------------------------------------------
The shareholders of Millennium Advisors Limited, on Oct. 28, 2016,
resolved to voluntarily wind up the company's operations.

Creditors are required to file their proofs of debt to be included
in the company's dividend distribution.

The company's liquidator is:

          Trident Liquidators (Cayman) Ltd.
          c/o Lisa Thoppil
          One Capital Place, 4th Floor
          P.O. Box 847, George Town
          Grand Cayman KY1-1103
          Cayman Islands
          Telephone: (345) 949 0880
          Facsimile: (345) 949 0881


WASHINGTON LOAN: Creditors' Proofs of Debt Due Nov. 28
------------------------------------------------------
The creditors of Washington Loan Funding 2016-MP21 Ltd. are
required to file their proofs of debt by Nov. 28, 2016, to be
included in the company's dividend distribution.

The company commenced liquidation proceedings on Oct. 28, 2016.

The company's liquidator is:

          Andre Slabbert
          Estera Trust (Cayman) Limited
          75 Fort Street
          P.O. Box 1350 Grand Cayman KY1-1108
          Cayman Islands
          Telephone: +13456400556



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C H I L E
=========


ANGLO AMERICAN: Halts Operations at Los Bronces Mine in Chile
-------------------------------------------------------------
Ryan Dube at The Wall Street Journal reports that Anglo American
PLC said that it was halting production at its Los Bronces copper
mine in Chile after contract workers "illegally" took over
installations.

The company said in a statement that it was evacuating 1,500
workers from Los Bronces, one of the world's biggest copper mines,
which is located in central Chile, according to The Wall Street
Journal.

"Anglo American has made the decision to paralyze 100% of the
operation at its Los Bronces mine," the company said, the report
notes.  "The conditions are not there to guarantee the safety of
workers and operate with the necessary standards," the company
added.

Anglo American said it contacted police after about 100 hooded
individuals barged into the mine's property earlier Wednesday,
setting barricades on fire and taking over fuel trucks and other
vehicles, the report relays.

The incident follows recent wage negotiations between a union of
contract workers and companies that provide services to Los
Bronces, Anglo American said, the report says.

Mine workers in Chile, the world's biggest copper producer, have
held strikes recently as companies cut costs due to lower copper
prices. In September, workers at Los Bronces and state-owned
Codelco's Salvador mine walked off the job during negotiations for
new collective agreements, the report says.

The Los Bronces mine, which is about 40 miles from Santiago,
produced 401,715 tons of copper last year, the report adds.



===================================
D O M I N I C A N   R E P U B L I C
===================================


DOMINICAN REPUBLIC: Downpours Bring Calamity
--------------------------------------------
Dominican Today reports that the dams and canals agency (INDRHI or
Instituto Nacional de Recursos Hidraulicos) in the Dominican
Republic said the reservoirs are at 88.57% of capacity, or 6.37%
higher nationally.

It said Hatillo dam has the highest level at 120% of capacity,
followed by Sabaneta, Jiguey, Valdesia and Rincon at around 100%;
Tavera-Bao above 80%, with Sabana Yegua and Moncion slightly below
89%, according to Dominican Today.

It said the dam levels are above normal for this time of year, for
which the Water Observatory affirms "guarantees sufficient water
for consumption, agricultural irrigation and the production of
clean energy," the report notes.

The report relays that the Observatory said Tavera dam's
floodgates have been closed and the drainage conducted didn't
cause human or material losses and averted its collapse, despite
the large amount of water from the Yaque del Norte river.

The agency added that Tavera's drainage also increased power
generation, the report relays.

As reported in the Troubled Company Reporter-Latin America on
July 1, 2016, Moody's Investors Service has changed the outlook on
the Dominican Republic's long term issuer and debt ratings to
positive from stable. The ratings have been affirmed at B1.


DOMINICAN REPUBLIC: IMF Lists Highs and Lows of Economy
-------------------------------------------------------
Dominican Today reports that the International Monetary Fund
published its evaluation of the Dominican economy in 2015, and
reiterated a strong momentum of its economic activity, underscored
by a favorable external environment and bolstered policies.

It notes however that while the Dominican financial system boasts
strength, it also has weak supervision and regulation for non-
banking intermediaries and cooperatives in particular, according
to Dominican Today.  "Although the system is very small, according
to available data, it is closely linked to banks through
proprietary channels and some institutions are as large as banks."

The IMF report said weaknesses in non-bank supervision could also
pose a challenge for the fight against money laundering /
countering financing terrorism (CFT), the report notes.

The IMF's conclusions highlight the strengthening of the financial
system, but notes that there are still "pockets of vulnerability,"
Dominican Today relays.

The IMF report said the authorities have strengthened the
framework of supervision and regulation, including continuous work
implementing Basel's basic principles, risk-based supervision, the
report notes.

It report said that despite "the financial position of the banks
is strong, the pockets of fast-growing credit, especially in
foreign currency, deserve close monitoring," the report relays.

The IMF, in its report, points out that the banking system is
highly concentrated, with around 78% of the total assets in three
banks and a nearly a third in the State-owned Reservas bank, the
report discloses.

The IMF report indicates that the presence of foreign banks has
increased since 2008, with 7 of the 17 being foreign-owned.
However, their share remained relatively low, with 10% of the
total banking system, the report notes.

It also points out that other deposit institutions are relatively
small, accounting for 10% of the total financial system, including
savings banks, S & Ls and credit unions, the report relays.

                        Exchange Flexibility

On the exchange rate, the IMF notes that the transition to a
higher exchange rate flexibility and continued accumulation of
reserves will increase resilience to the effects of external
shocks and the challenges of monetary policy and monetary policy
management, the report adds.

As reported in the Troubled Company Reporter-Latin America on
July 1, 2016, Moody's Investors Service has changed the outlook on
the Dominican Republic's long term issuer and debt ratings to
positive from stable. The ratings have been affirmed at B1.



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M E X I C O
===========


BANORTE: Moody's Assigns Ba3 Rating on MXN750MM Loan
----------------------------------------------------
Moody's de Mexico has assigned debt ratings of Ba3 (Global Scale,
local currency) and A3.mx (Mexico National Scale) to a MXN750
million (original face value) loan from Banorte with a maturity of
7 years.

The loan is payable from payroll taxes which flow through a trust
(Banorte as trustee 745005).  Although the state is still in the
process of negotiating the instructions to have payroll taxes flow
directly to the trust, it is the state's expectation that 50% of
payroll taxes will be pledged to the trust for debt repayment.

                         RATINGS RATIONALE

The Ba3/A3.mx debt ratings assigned to the loan reflect the
underlying creditworthiness of the state of San Luis Potosi
(Ba3/Baa1.mx, negative outlook) as the source of payment for this
loan is local payroll taxes.  Moody's notes that payroll taxes of
the State of San Luis Potosi have grown at a compound annual
growth rate of 18% between 2011 and 2015, reflecting the rapid
industrialization of the state.  Also, Moody's notes that a
similar Trust in place for the repayment of another debt, funded
with the remaining 50% of payroll taxes, has performed without
concern since 2011.

The ratings are also supported by the following legal and credit
elements embedded in the loan:

  1. The transfer of the flow of funds to the trust does not
     provide legal separation between the loan and the state of
     San Luis, which retains the ability to change the payroll tax
     rates or dissolve the trust.  However, it is noted that an
     early amortization could be triggered if the state were to
     act in a manner that harmed the flow of funds.

  2. The transfer of rights of the payroll tax to the Banorte
     trust are valid and binding.  However, the state has the
     right to dissolve the trust at any point.

  3. Estimated cash flows generating moderate debt service
     coverage ratios.  Under a Moody's base case scenario, cash
     flows within the trust are projected to provide a minimum
     debt service coverage of 2.4X over the life of the loan.
     Under a stress case scenario, estimated cash flows are
     projected to provide a minimum debt service coverage of 1.8X
     over the life of the loan.

  4. Moderate level of reserves within the master trust that
     represent a minimum 2.0X debt service coverage under a stress
     case scenario and provide enough cushion against payment
     delays.

               WHAT COULD CHANGE THE RATINGS UP/DOWN

Given the links between the loan and the credit quality of the
obligor, an upgrade of the state of San Luis Potosi's issuer
ratings could exert upward pressure on this loan's debt ratings.
Conversely, a downgrade of the state of San Luis Potosi's issuer
ratings or a fall in debt service coverage materially below
Moody's expectations would likely result in a downgrade of the
loan's ratings.  Downward pressure could also arise if the trust
were to be dissolved by the state without implementing an
equivalent substitute.

The principal methodology used in this rating was Regional and
Local Governments published in January 2013.

The period of time covered in the financial information used to
determine State of San Luis Potosi's rating is between 01/01/2011
and 31/12/2015 (source: San Luis Potosi financial statements).


FINANCIERA FINCA: S&P Puts 'BB-/B' ICRs on CreditWatch Developing
-----------------------------------------------------------------
S&P Global Ratings placed its 'BB-/B' global scale and
'mxBBB+/mxA-2' national scale issuer credit ratings on Financiera
Finca, S.A. de C.V. SOFOM E.N.R. (FINCA) on CreditWatch
developing.  The CreditWatch developing listing means S&P could
affirm, raise, or lower the ratings following its review.

The CreditWatch listing follows the announcement that Te Creemos
Holding, S.A.P.I de C.V. (unrated) has signed a definitive
agreement to acquire FINCA.  S&P will assess if the acquisition
could have a positive impact on the entity's business position
through additional business lines, higher volumes, and diversified
income that the transaction would bring.  Under this scenario, S&P
could revise its assessment of FINCA's business position to a
stronger category and raise the ratings if other individual credit
profile factors remain unchanged.  On the other hand, the entity's
risk-adjusted capitalization could fall, depending on the balance
between assets and capital, which could weaken FINCA's stand-alone
credit profile.

S&P's ratings on FINCA reflect its weak business position based on
its focus on the microfinance sector which is sensitive to
economic downturns, resulting in fluctuating results as S&P has
seen during 2014 and 2015, strong capital and earnings considering
S&P's estimated RAC ratio 13.8%-14.4% for 2016, moderate risk
position based on FINCA's lending and underwriting standards that
S&P considers as relaxed, and adequate funding and adequate
liquidity.

In resolving the CreditWatch listing, S&P expects to obtain from
the acquiring party information on its strategic planning,
including growth and financial objectives for the entity and
assess the final impact.  S&P expects to resolve the CreditWatch
within the next three months.



======================
P U E R T O    R I C O
======================


LA SABANA: Hearing on Plan Outline Moved to Jan. 11
---------------------------------------------------
U.S. Bankruptcy Judge Mildred Caban Flores for the District of
Puerto Rico scheduled for Jan. 11, 2017, at 9:00 a.m. hearing on
the approval of the disclosure statement explaining La Sabana
Development LLC's plan of reorganization.

Objections to the form and content of the Disclosure Statement
should be in writing and filed with the Court and served upon
parties-in-interest at their address of record not less than 14
days prior to the hearing.

As reported by the Troubled Company Reporter on Oct. 17, 2016, the
Court previously scheduled a hearing on the approval of the
Disclosure Statement for Nov. 30, 2016, at 09:00 a.m.

                   About La Sabana Development

La Sabana Development LLC filed a Chapter 11 petition (Bankr.
D.P.R. Case No. 15-08743), on Nov. 4, 2015.  The case is assigned
to Judge Mildred Caban Flores.  The Debtor's counsel is Hector
Eduardo Pedrosa Luna, Esq., The Law Offices of Hector Eduardo
Pedrosa Luna, PO Box 9023963, San Juan, Puerto Rico.  At the time
of filing, the Debtor had estimated both assets and liabilities
ranging from $10 million to $50 million each.  The petition was
signed by Cleofe Rubi-Gonzalez, president.


LIDA BAUCAGE PEREZ: Plan Confirmation Hearing on Dec. 14
--------------------------------------------------------
The Hon. Brian K. Tester of the U.S. Bankruptcy Court for the
District of Puerto Rico has approved Lida Baucage Perez's
disclosure statement dated Aug. 31, 2016, referring to the
Debtor's Chapter 11 plan dated Aug. 31, 2016.

A hearing for the consideration of confirmation of the Plan and of
objections as may be made to the confirmation of the Plan will be
held on Dec. 14, 2016, at 9:00 a.m.

Any objection to confirmation of the Plan will be filed on or
before seven days prior to the date of the hearing on confirmation
of the Plan.

The Debtor will file with the Court a statement setting forth
compliance with each requirement in Section 1129, the acceptances
and rejections, and the computation of the same, within seven
working days before the hearing on confirmation.

As reported by the Troubled Company Reporter on Sept. 28, 2016,
the Court scheduled for Nov. 2, 2016, at 9:00 a.m. the hearing to
consider the adequacy of the Debtor's Disclosure Statement
referring to the Plan, which proposes that, at the effective date
holders of Class 3 - General Unsecured Claims will receive a
lump-sum payment in the amount of $10,702.38.  The Debtor will pay
$600.00 monthly pro-rata basis for a five-year period among Class
3 and Class 4 - General Unsecured Claim (initially intended to be
secured).  With the current claims and allowed amounts by the
Plan, the Class 3 will receive $128.11 monthly for the general
unsecured creditors in a 5 year period.  Based on the current
allowed amounts, each claim holder in Class 3 will receive
approximately 10% of the allowed amount.

Lida Baucage Perez, a general physician practitioner, initially
filed a Chapter 13 petition (Bankr. D.P.R. Case No. 15-04099), but
was forced to file for conversion to a Chapter 11 case since the
amount of unsecured debts surpassed the limits set forth by
Section 109(e) of the Bankruptcy Code.  The Debtor is represented
by Carlos Alberto Ruiz Law Office, CSP.


SANDWICH D' LIGHT: Court Okays Disclosures, Confirms Ch. 11 Plan
----------------------------------------------------------------
The Hon. Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court
for the District of Puerto Rico has approved Sandwich D' Light
Rincon PR, LLC's disclosure statement and confirmed the Debtor's
Chapter 11 plan dated Sept. 19, 2016.

According to the Plan, the Debtor has Priority Tax Claims which
consist of two claims; Puerto Rico Treasury Department (PR
Treasury) with Claim No. 2 for $26,649 and Municipio de Rincon
With a claim in the amount of $4,433. These two creditors will be
paid in 60 monthly installments of $562 ($482 for PR Treasury and
$80 for Municipio de Rincon), including principal and interest of
3.25% annually for a total amount of $6,744 annually and $33,720
for the 60 months of the plan, unless the holder of such claims
agree with the Debtor to a different treatment.

Class 1 - General Unsecured Nonpriority Claims include the Claims
of General Unsecured Creditors not classified in the Plan, as
allowed, approved and ordered paid by the Court, under Sec. 502 of
the Code, currently estimated by the Debtor at $17,120. Creditors
included in this class will be paid 8.76% of its claim or $1,500
of allowed unsecured claims.  Creditors in this class will be paid
in one payment of $1,500, on the effective date of the plan,
unless the holder of such claims agree with the Debtor to a
different treatment.

The Debtor expects its monthly disposable income to be
approximately $1,601 monthly through the life of the plan; this
plus funds accumulated by the Debtor as available income will
allow the Debtor to comply with the proposed payments of $6,744
for the first year, $8,244 for the second year and $6,744 for
years three through five. The funds accumulated by the Debtor as
available income in its most recent operating report will be used
by the Debtor to provide for the payment of administrative
expenses and other expenses of the Debtor in addition to fund the
proposed payment plan.

A full-text copy of the Disclosure Statement is available at:

        http://bankrupt.com/misc/prb16-01213-41.pdf

Sandwich D' Light Rincon PR, LLC, filed for Chapter 11 bankruptcy
protection (Bankr. D.P.R. Case No. 16-01213) on Feb. 19, 2016,
estimating the Debtor's assets and liabilities at up to $50,000
each.  Enrique M Almeida Bernal, Esq., at Almeida & Davila PSC
serves as the Debtor's bankruptcy counsel.


VILLAS DEL MAR: Disclosures OK'd; Plan Hearing on Jan. 24
---------------------------------------------------------
The Hon. Enrique S. Lamoutte Inclan of the U.S. Bankruptcy Court
for the District of Puerto Rico has approved Villas Del Mar Hau,
Inc.'s disclosure statement dated July 5, 2016, referring to the
Debtor's Chapter 11 plan dated July 5, 2016.

A hearing for the consideration of confirmation of the Plan will
be held on Jan. 24, 2017, at 10:00 a.m.

Objections to claims must be filed 45 days prior to the hearing on
confirmation.

Acceptances or rejections of the Plan may be filed in writing by
the holders of all claims on or before 14 days prior to the date
of the hearing on confirmation of the Plan.

Any objection to confirmation of the Plan will be filed on or
before 21 days prior to the date of the hearing on confirmation of
the Plan.

                 About Villas Del Mar Hau, Inc.

Villas Del Mar Hau, Inc., filed for Chapter 11 bankruptcy
protection (Bankr. D.P.R. Case No.: 15-10146) on Dec. 22, 2015.
The petition was Myrna Hau Rodriguez, president/owner.  The Debtor
is represented by Victor Gratacos Diaz, Esq., at Gratacos Law
Firm.

The case is assigned to Judge Enrique S. Lamoutte Inclan.  The
Debtor disclosed total assets of $3.80 million and estimated total
debts of $4.46 million at the time of the filing.



===============================
T R I N I D A D  &  T O B A G O
===============================


SERVOL LTD: Looks for Private Financing
---------------------------------------
Trinidad Express reports that Servol Ltd intends to reach out to
the private sector for financial support after a reduction in its
annual subvention from the government.

In a release, the organisation said it had a successful meeting
with Finance Minister Colm Imbert to review its subvention,
according to Trinidad Express.

It said the meeting was both open and cordial and resulted in a
mutually acceptable resolution that will allow Servol to continue
to serve the community, the report notes.

The organization however said it was mindful of the financial
difficulties facing the country and has embarked upon a program of
streamlining its operations in order to make its systems and
operations more efficient and productive, the report relays.

At the same time, it intends to seek additional support from the
private sector as necessary, the release said, the report adds.


                            ***********


Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to publication.
Prices reported are not intended to reflect actual trades.  Prices
for actual trades are probably different.  Our objective is to
share information, not make markets in publicly traded securities.
Nothing in the TCR-LA constitutes an offer or solicitation to buy
or sell any security of any kind.  It is likely that some entity
affiliated with a TCR-LA editor holds some position in the
issuers' public debt and equity securities about which we report.

Tuesday's edition of the TCR-LA features a list of companies with
insolvent balance sheets obtained by our editors based on the
latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical cost
net of depreciation may understate the true value of a firm's
assets.  A company may establish reserves on its balance sheet for
liabilities that may never materialize.  The prices at which
equity securities trade in public market are determined by more
than a balance sheet solvency test.

Submissions about insolvency-related conferences are encouraged.
Send announcements to conferences@bankrupt.com


                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter-Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C.,
USA, Marites O. Claro, Joy A. Agravante, Rousel Elaine T.
Fernandez, Valerie U. Pascual, Ivy B. Magdadaro, Julie Anne L.
Toledo, and Peter A. Chapman, Editors.

Copyright 2016.  All rights reserved.  ISSN 1529-2746.

This material is copyrighted and any commercial use, resale or
publication in any form (including e-mail forwarding, electronic
re-mailing and photocopying) is strictly prohibited without prior
written permission of the publishers.

Information contained herein is obtained from sources believed to
be reliable, but is not guaranteed.

The TCR Latin America subscription rate is US$775 per half-year,
delivered via e-mail.  Additional e-mail subscriptions for members
of the same firm for the term of the initial subscription or
balance thereof are US$25 each.  For subscription information,
contact Peter A. Chapman at 215-945-7000 or Nina Novak at
202-362-8552.


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